Technical analysis of Gold & Crude for April 16, 2015
April 16, 2015 8:00 am
At yesterday’s session, the metal closed above the 20 and 50dsma. Today, the metal has faced resistance between $1,210.00 and $1,212.00 respectively at the Asian session. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00. We have been recommending big moves ahead with sl 1178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. At yesterday’s session, we recommended buying above $1,196.00 with targets at $1,199.00, $1,201.00, $1,206.00, and $1,210.00. The metal made a high at $1,207.20 at today’s Asian session. It is likely to make the double top at $1,207.20 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,207.20, $1,210.00, previous swing high, and $1,212.00 100Dsma. Intraday support is found at $1,200.00. We recommend selling below 1198.00 with targets at 1196.00, 1192.00, and 1189.00. We are not aggressive on buying, because the price has been consolidating at the multi- resistance zone. We expect today’s unemployment data to cheer USD. Risky traders can buy above $1,207.50 with targets at $1,210.00 and $1,212.00. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00.
The lower-than-expected crude oil inventory spiked oil prices at the highest level of the year. At yesterday’s session, we recommended buying with a target at 57.00.
In the context of technical analysis, crude oil gave an upside breakout from the inverse head and shoulder. A daily close above $54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming weeks. The price managed to close above $54.22, waiting for the rest of the targets. A break below $47.00 will cancel the view. In the four-hour chart, the higher highs and higher lows formation takes place. Intraday support is found at $55.80 and resistance is seen at $57.00. In the daily chart, the prices closed above 20, 50 and 100Dsma. It turned me to bullish side. On a positional view, we recommend buying between the current market price and $50.00 with sl 47.00 and targets at $55.50, $57.00, $58.00, $59.00, and $62.00. As 56.68 is done now. Use any dip to buy.
To contact the author of this analysis, please email- [email protected]
The material has been provided by InstaForex Company – www.instaforex.com
At yesterday’s session, the metal closed above the 20 and 50dsma. Today, the metal has faced resistance between $1,210.00 and $1,212.00 respectively at the Asian session. In the four-hour chart, the metal price has been making lower lows and lower highs formation. In case the price closes above $1,212.00, bulls can extend their rally towards $1,215.00, $1,223.00, and $1,229.00. We have been recommending big moves ahead with sl 1178.00. But the metal did not close above $1,223.00 yet. In case the price closes below $1,178.00, it can extend its fall towards a 52-week low. But, the softening USD minimizes the bearish view. At yesterday’s session, we recommended buying above $1,196.00 with targets at $1,199.00, $1,201.00, $1,206.00, and $1,210.00. The metal made a high at $1,207.20 at today’s Asian session. It is likely to make the double top at $1,207.20 in the four- hour chart. We expect another upswing only above $1,212.00. The metal is trading in the multi-resistance zone between $1,207.20, $1,210.00, previous swing high, and $1,212.00 100Dsma. Intraday support is found at $1,200.00. We recommend selling below 1198.00 with targets at 1196.00, 1192.00, and 1189.00. We are not aggressive on buying, because the price has been consolidating at the multi- resistance zone. We expect today’s unemployment data to cheer USD. Risky traders can buy above $1,207.50 with targets at $1,210.00 and $1,212.00. Strong buying momentum looms at $1,212.00 with an immediate spike towards $1,220.00 and $1,223.00.
Trade: Buying above $1,207.50, selling below $1,198.00
CRUDE OIL:
The lower-than-expected crude oil inventory spiked oil prices at the highest level of the year. At yesterday’s session, we recommended buying with a target at 57.00.
In the context of technical analysis, crude oil gave an upside breakout from the inverse head and shoulder. A daily close above $54.22 is likely to lead to $57.00, $58.50, and $59.00 in the coming weeks. The price managed to close above $54.22, waiting for the rest of the targets. A break below $47.00 will cancel the view. In the four-hour chart, the higher highs and higher lows formation takes place. Intraday support is found at $55.80 and resistance is seen at $57.00. In the daily chart, the prices closed above 20, 50 and 100Dsma. It turned me to bullish side. On a positional view, we recommend buying between the current market price and $50.00 with sl 47.00 and targets at $55.50, $57.00, $58.00, $59.00, and $62.00. As 56.68 is done now. Use any dip to buy.
To contact the author of this analysis, please email- [email protected]
The material has been provided by InstaForex Company – www.instaforex.com
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